Last year we had a 31 property package of Graduate Hospital homes listed at $8 million.
We estimated the package to be worth $10 million IN AS-IS CONDITION and with value added it would be worth closer to $13 million.
These properties have all recently sold and settled, with most of them in as is condition and most for an average sale price of $400,000++ per property!!
With demand in the Graduate area extremely high and inventory extremely low, this was definitely a once in a lifetime opportunity!!!!
This project is ready for an investor to pull permits. Over one and half years have gone into drawings, meetings, streets department and zoning.
Property is approved for 16 units, 1-commercial restaurant and 15 residential units with 1-1 parking for residential units.
22,000 square feet building with plans for a green roof with common roof deck, dog walk and elevator service throughout.
Plans are available for review! Asking $1.8 million.
For more information contact * Jim Onesti * 215.440.2052 * email@example.com
An over assessed property can cost property owners and tenants several thousand dollars in additional taxes annually.
Negative impacts of an over assessed property: Lower net operating income if the real estate taxes are not reimbursed by the tenants. Tenants have numerous choices in today’s real estate market and consider not only the initial face rent but the pass through expenses when choosing a location for their business.
The additional real estate taxes from over assessment can result in a lower face rent for the property. Landlords may have trouble obtaining or retaining tenants due to the high real estate tax burden due to over assessment when the real estate taxes are passed through to the tenant. Lower value when selling the property or obtaining an appraisal for refinancing.
Bottom Line…an over assessed property costs you money!
The initial cost of properly preparing an appraisal report as well as the cost of obtaining legal counsel for the tax appeal hearing may seem costly at first and expenses sometimes exceed the first year’s tax saving. However, these tax savings will continue in the following years and the future benefit will far outweigh the initial cost.
Last year 579,000 properties were reassessed in the City of Philadelphia to establish “fair and accurate” market values. Unfortunately, not all properties received a “fair and accurate” value causing the derailment of commercial real estate deals as well as shocking commercial property owners with overwhelming tax increases based on an incorrect assessed market value of the property. Even though, not as dramatic the four suburban counties of Bucks, Chester, Delaware and Montgomery have widely divergent assessed market values.
Philadelphia Suburban Realty Appraisal Group welcomes the opportunity to provide you and your clients with a proposal for commercial real estate appraisal services to support your property assessment appeal. The Philadelphia Suburban Realty Appraisal Group is a team of professional commercial real estate appraisers that can determine the realistic market value of your commercial real estate. If you are one of many commercial real estate property owners paying taxes based on an overvalued property you need to act soon. Call TODAY to find out how they can help! Their appraisers work with attorneys, tax consultants and private property owners to produce accurate and reliable appraisals to bring about fair tax assessments.
For more information contact:
Joseph Vizza, MAI
1318 s. Opal street
(19th and Wharton)
15.5 x 35 – Two story home
Needs complete renovation!
POSSIBLY NEEDS to be TORN DOWN!
For more information contact Jim Onesti
215.440.2052 or firstname.lastname@example.org
Northern Liberties Lots for Sale!
Includes Zoning Approvals!
$150k per lot with up to 20 lots together!
For more information please call
Jim Onesti 215.440.2052 or email@example.com
HOT Point Breeze location!
2 story clean home in rental condition.
Easy rehab and flip for $190k
Five lots in South Philly
$179k for the package
1711 S. 20th
1400 S. 24th
For more information on these or…
any others, please contact:
215.440.2052 or firstname.lastname@example.org
John Westrum CEO of Westrum Development, and Kevin Gillen, an economist affiliated with the University of Pennsylvania’s Fels Institute of Government, were wondering about something pertaining to Philadelphia’s 10-year tax abatement.
What would the net fiscal impact be of a newly constructed residential development that was built under the abatement?
The abatement gives buyers of a new residential property a 10-year break on real estate taxes.
The policy has been considered a success. But critics say it siphons revenue away from the city and school district, benefits developers and caters to the rich.
To get an answer, Westrum and Gillen analyzed Westrum’s Brewerytown Square, a development of 144 market-rate townhouses at 31st and West Thompson streets.
Westrum wouldn’t have gone forward with the project without the abatement. It was a fringe area when he started the project and one of the biggest selling points was the tax break.
When Gillen and Westrum drilled down on Brewerytown Square, they concluded that for every $1 abated, the city took in $2 in tax revenue from other sources directly related to the project. It also found that 47 percent of its new owners came from out of the city.
“So, not only did the city get back the $1 that it forewent from the abatement, but it also received an additional $1 in revenue from other sources, due to the economic activity and new residents associated with Brewerytown Square’s development,” said a report on their analysis.
The debate over the abatement is expected to continue during the upcoming budget session and this report will likely play a role.
For full study found in the link below…
For more info on the citys tax abatement program contact me today!
Jim Onesti. 215.440.2052 or email@example.com
Information courtesy of
Reporter- Philadelphia Business Journal